Several notices were published in the Government Gazette on Thursday (19 November) regarding a judicial management order for Xihe Holdings Pte Ltd and some of its subsidiaries.
Xihe Holdings Pte Ltd and its subsidiaries are owned by the Lim family, who are also the owners of the embattled Hin Leong Trading.
According to the notice, the application was filed on 20 July, 2020 and Seshadri Rajagopalan and Paresh Jotangia will be the joint judicial managers for Xihe Holdings Pte Ltd.
The affidavit was filed by Oversea-Chinese Banking Corp (OCBC) following incidents of fraud uncovered at Hin Leong Trading (HLT).
“The Xihe subsidiaries have persistently failed to seek and collect payments from Ocean Tankers for months or years, to the prejudice of creditors of the Xihe Group and in breach of contractual obligations owed to OCBC,” stated OCBC in its court filing.
Some incidents cited by OCBC that raised some red flags include Xihe transferring USD 208.1 million to HLT via its subsidiary Ocean Tankers “for no valid commercial purpose” and some bareboat charters of OCBC-funded vessels were cancelled without OCBC’s authorisation.
The published notice contains the following information:
Notice is hereby given that on 13th day of November 2020 an order for placing the above named company under judicial management was made and the relevant particulars of the matter are given as follows:
|Number of matter||HC/OS 698/2020|
|Date of filing of application||20 July 2020|
|Applicant’s solicitors||Allen & Gledhill LLP|
|Date of Order||13 November 2020|
|Registered office of the above named company||456 Alexandra Road
#17-01 Fragrance Empire Building Singapore 119962
Notices containing the same information were also published for the following Xihe Holdings subsidiaries:
Related: Xihe Holdings supervisor to place seven tankers for sale in an attempt to repay creditors
Related: Xihe Holdings placed under IJM as OCBC reverses decision for ‘consensual restructuring’
Related: Xihe Capital and subsidiaries, Nan Guang Maritime to undergo voluntary liquidation
Related: Xihe replaces Directors, forms new management team to chart fresh course for Group
Photo credit: aditya-chinchure
Published: 20 November, 2020
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